Here’s a quick recap of the crypto landscape for Wednesday (June 4) as of 9:00 p.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$105,057, as markets closed, down 1.1 percent in 24 hours. The day’s range for the cryptocurrency brought a low of US$104,648 and a high of US$105,484.
Bitcoin price performance, June 4, 2025
Chart via TradingView.
Despite the price dip, institutional interest remains strong. Heath care technology provider Semler Scientific (NASDAQ:SMLR) recently acquired 185 BTC for US$20 million, bringing its total holdings to 4,449 BTC (US$500 million), underscoring continued confidence in Bitcoin’s long-term value.
Market analysts are closely monitoring key resistance levels, with some anticipating a potential breakout that could influence broader cryptocurrency market dynamics in the days ahead. Crypto analyst Michaël van de Poppe suggested that a breakout above US$107,500 could pave the way for a new all-time high for Bitcoin and potentially push Ethereum’s price to US$3,000, identifying that level as a key area of concentrated derivatives market liquidity.
Ethereum (ETH) finished the trading day at US$2,629.53, a 0.3 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$2,609 and saw a daily high of US$2,667.
Altcoin price update
- Solana (SOL) closed at US$155.69, down 3.1 percent over 24 hours. SOL experienced a low of US$155.60 in the final minutes of trading and reached a high of US$157.54.
- XRP is trading at US$2.22, reflecting a 2.7 percent decrease over 24 hours. The cryptocurrency reached a daily low of US$2.21 and a high of US$2.26.
- Sui (SUI) peaked at US$3.22, showing a decreaseof 3.2 percent over the past 24 hours. Its lowest valuation on Wednesday was US$3.19, and its highest was US$3.24.
- Cardano (ADA) is trading at US$0.6746, down 2.4 percent over the past 24 hours. Its lowest price of the day was US$0.6742, and it reached a high of US$0.6900.
Today’s crypto news to know
Vance says Bitcoin Reserve Act is on the way
At the Bitcoin 2025 conference, Frax Finance founder Sam Kazemian disclosed his private conversation with Vice President JD Vance, who revealed the administration’s sweeping crypto roadmap.
According to Kazemian, Vance confirmed that stablecoin legislation is only the starting point, with a broader market structure bill and a Bitcoin Reserve Act also in the pipeline.
This reserve act would codify Bitcoin as a long-term federal asset, mirroring how some countries hold gold. Vance emphasized bipartisan support and framed crypto as central to economic innovation.
Kazemian also noted that Frax USD, his stablecoin project, may be designated legal tender under the upcoming legislation.
GENIUS Act nears Senate vote amid sharp partisan divide
The bipartisan GENIUS Act, aimed at regulating stablecoins, could reach the Senate floor by the end of the week, according to journalist Eleanor Terrett.
Passed out of committee with a strong 66 to 32 vote in May, the bill still faces turbulence due to over 60 proposed amendments. Much of the friction stems from concerns over conflicts of interest tied to Trump’s crypto engagements, including his backing of the USD1 stablecoin.
Lawmakers are now scrambling to trim the amendment list to a “manageable” level that both parties can agree on.
If consensus is reached, the Senate could vote within days — but failure to compromise may delay the bill into next week. The bill’s progress is closely watched by the US$248 billion stablecoin industry.
Truth Social takes aim at spot Bitcoin ETF market
Interest in crypto-linked investment products continues to grow, with NYSE Arcafiling a proposal to list a spot Bitcoin exchange-traded fund (ETF) tied to Donald Trump’s media platform, Truth Social.
Submitted on behalf of Yorkville America Digital, the proposed ETF would enter an increasingly competitive field of spot Bitcoin ETFs. If approved, it would be custodied by Foris DAX, the same provider used by Crypto.com.
While the 19b-4 filing marks a key regulatory milestone, the ETF must still undergo US Securities and Exchange Commission review of its S-1 registration statement before it can move forward.
Trump-linked crypto firm drops mini ‘stimulus check’ to wallets
World Liberty Financial, a Trump-family-backed crypto firm, sent US$47 worth of its USD1 stablecoin to every wallet involved in its WLFI token sale, effectively issuing a small-scale “stimulus check.”
The drop is being viewed as a marketing maneuver tied to growing momentum around the token, which is pegged to the US dollar and integrated with Chainlink’s CCIP for multichain expansion.
Though the amount is modest, it helped spur conversation on social media and drew attention to USD1’s role in major deals, including a US$2 billion investment into Binance by MGX. World Liberty Financial currently boasts a US$200 million market cap for USD1 and is gearing up to release its own crypto wallet.
WEF speculates DePIN market could reach US$3.5 trillion in three years
According to a report published on Tuesday (June 3) by the World Economic Forum (WEF), the convergence of blockchain and artificial intelligence (AI) could see the DePIN market exceed US$3.5 trillion by 2028.
The report cites the emergence of decentralized physical AI as a catalyst for the industry’s growth, referring to it as a “fundamental shift” in AI agent interactions with physical infrastructure and external data.
Yet the report notes that companies face challenges when it comes to determining which developments to invest in and which are too immature to drive significant business value.
It mentions that allocating limited resources across different technology maturity levels requires a disciplined approach to technology assessment that goes beyond traditional ROI calculations, recommending a balanced portfolio approach that considers future value and business model innovation potential.
Hong Kong to launch digital asset derivatives trading
According to a local report, Hong Kong’s securities regulator plans to launch digital asset derivatives trading for professional investors to broaden market offerings and strengthen Hong Kong’s position in the global digital asset space.
The Hong Kong Securities and Futures Commission emphasizes prioritizing robust risk management, mandating that trades occur ‘in an orderly, transparent and secure manner.’
To further enhance preferential tax regimes for funds, single-family offices and carried interest virtual assets will be designated as qualifying transactions for tax concessions. This initiative aims to draw a greater number of significant international fintech firms to establish operations in Hong Kong, recognizing their potential contribution.
Bybit enhances security measures
Following a hack resulting in the loss of approximately US$1.4 billion worth of ETH in February, Bybit unveiled a comprehensive security enhancement today, as reported to Cointelegraph.
This upgrade involves three key pillars. First, Bybit has fortified its security auditing processes, both internally and externally, by implementing 50 new security measures.
Second, the company has strengthened its cold wallet protocols. This includes instituting a revised operational safety procedure that mandates continuous supervision by security experts, integrating multiparty computation for enhanced protection, and consolidating hardware security modules.
Lastly, Bybit has achieved ISO/IEC 27001 certification for information security risk management. In addition, all internal and customer communications, as well as data storage, are now fully encrypted.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
